Dilp Shanghvi beats Mukesh Ambani as richest Indian by market value

Dilip Shanghvi, the founder and managing director of Sun Pharmaceuticals, seems to have overtaken Reliance Industries (RIL) Chairman Mukesh Ambani as the richest person in India on the basis of market value.

According to a report by ‘The Times of India’, at Thursday’s close of trading at the Bombay Stock Exchange, 59-year old Shanghvi, who holds 63 per cent stake in three group companies – Sun Pharma, Sun Pharma Advanced Research and Ranbaxy Laboratories – is worth about Rs 1.46 lakh crore.

If one adds the 23 per cent stake in wind energy major Suzlon, that Shanghvi and his family is in the process of acquiring, his wealth would be nearly Rs 1.48 lakh crore, says the report.

Ambani, on the other hand, holding a total of 45 per cent stake in RIL and Reliance Industrial Infrastructure, is worth Rs 1.32 lakh crore, according to data with BSE.

In the last one month, while the Sun Pharma stock has gained about 5 per cent to its current price of Rs 918, Sun Pharma Advanced Research jumped 50 per cent to Rs 374. Ranbaxy shares too has gained about 10 per cent to Rs 709 to add to Sanghvi’s wealth at a fast clip.

During the same period, RIL shares have gained about 3 per cent while Reliance Industrial Infra has fallen marginally.

However, Bloomberg’s Billionaire Index still ranks Ambani as the richest Indian and 33rd globally with a net worth of $21.9 billion, and Sanghvi as the second richest (and 39th globally) at $19.7 billion.

According to Hurun India rich list published last year, Ambani held on to his position as the richest man in India with a fortune of Rs 1.65 lakh crore while Shanghvi shot up to no 2 after seeing his wealth grow 43 per cent to Rs 1.29 lakh crore.

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